Get Pre-Approved for Your Mortgage in Three Easy Steps

  • 1Property Info
  • 2Applicant Info
  • 3Contact Info
Mortgage Type
Property Location
Property Type
Residence Type
Property Value
Down Payment
Do You Have a Co-Borrower?
Total Monthly Gross Income ($)
Total Monthly Debt ($)
Credit Profile
Phone Number
Email Address
Have You or Your Spouse
Served in the Military?
Get Pre-Approved
FREEandCLEARThank you for submitting your info! You are on your way to being pre-approved!
FREEandCLEAR[LENDER NAME] will contact you shortly to complete the pre-approval process
FREEandCLEARThe lender will review your credit score and request selected financial information to finalize your pre-approval
Close and Return
By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
$Get Personalized Mortgage Quotes

  • Compare Multiple Offers
  • Lowest Rates
  • Free
  • No Obligation
  • Real-Time Rates
  • Local Lenders
  • Easy-to-use
  • Free
No thanks, I just want to keep using this cool mortgage calculator
Mortgage Rates
Refinance Rates
FHA Rates
VA Rates
Jumbo Rates
Adjustable Rate Mortgage Rates
Interest Only Mortgage Rates
Non-Owner Occupied Rates
Home Equity Loan Rates
FREEandCLEAR Calculator

Mortgage Selector Calculator

Calculator developed by

Our Mortgage Selector Calculator uses your financial profile, personal objectives and risk appetite to help you assess the loan amount and mortgage program that are right for you. This calculator shows you which program -- fixed rate, adjustable rate or interest only loan -- best meets your mortgage goals and how your loan amount, interest rate and monthly payment vary by program.  The loan program you select impacts what size mortgage you can afford with ARMs and interest only loans offering lower monthly payments and boosting the loan amount you qualify for. Each loan program involves different risk so we match you with the program that best meets your priorities as a borrower as well as your risk profile: low, moderate and high. 
The Mortgage Selector Calculator also shows you your loan-to-value (LTV) ratio, mortgage payment and total monthly housing expense.  Your LTV ratio is important to know because lenders use it to determine your maximum mortgage amount relative to value of your home and most loan programs apply an LTV ratio limit.  Your monthly payment is calculated based on your mortgage program, loan amount and interest rate, so you can better understand how changes in these factors impact your payment.  Your monthly housing expense includes your mortgage payment plus property tax and insurance so you know the true monthly cost of owning a home. 
The calculator also provides information relevant to specific borrower profiles including first-time home buyers or military personnel.  We encourage you to review the outputs to find related FREEandCLEAR resources on loan programs and other mortgage topics  to help you select the loan this is right for you.

Estimated Mortgage Amount for Which You Qualify ($)
What is My Down Payment / Loan-to-Value Ratio?
How Much Home Can I Afford?
What Mortgage Program is Right for Me?
How Much is My Mortgage Payment?
How Much is My Total Monthly Housing Expense?
What is My Interest Rate?
Rate Details*
Loan Program:  
Monthly Payment:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
Current Mortgage Rates as of December 13, 2018
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees
  • Contact
Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

Key Mortgage Selection Tips


Understand Your Risk Appetite

Understanding your risk appetite is key to selecting the mortgage program that is right for you.  More risk averse borrowers usually prefer the certainty and peace of mind of a fixed rate mortgage.  Borrowers with a higher tolerance for risk may be more comfortable with an adjustable rate mortgage (ARM) or interest only mortgage.  Borrowers should understand the advantages and disadvantages of each mortgage program to select the mortgage that best meets their financial objectives and risk profile.  Our Mortgage Selector calculator provides a recommended loan program based on your risk profile.


Compare Multiple Mortgage Proposals

Just like with any other major purchase, you should shop your mortgage business to find the loan with the best terms.  Contacting multiple lenders takes more time but can save you thousands of dollars. For example, on a $300,000 mortgage, lowering your interest rate by .125% saves you almost $8,000 in interest expense over the life of your loan.  FREEandCLEAR recommends that you contact at least four lenders to find the mortgage with the lowest interest rate and fees.  Please note that borrowers should not pay any fees to receive mortgage proposals from lenders.


Make Sure Your Lender is Experienced

When you shop for a mortgage make sure you do your diligence before selecting a lender.  Ask the lender questions about your specific situation and mortgage and gain an understanding of the lender's experience.  The more questions you ask upfront the fewer surprises you will have over the course of the mortgage process.  Additionally, if you are using a low or no down payment program such as the HomeReady, FHA or VA mortgage programs make sure the lender has extensive experience with the unique requirements for those loan programs.  Finally, developing a solid working relationship with your loan officer can be highly beneficial, especially if you encounter challenges with your loan.


Avoid Common Mortgage Mistakes

Avoiding some common mistakes should help you end up with the mortgage that is right for you.  Most important, make sure you can afford your mortgage.  In many cases borrowers are enticed by a larger mortgage amount but end up not being able to afford the monthly payment.  It is important to remember that just because a lender says you can afford a certain mortgage does not mean it is the right loan amount for you.  Borrowers should consider total monthly housing expense, including property tax and homeowners insurance, in determining how much mortgage they can afford.  Also, the payment for an adjustable rate mortgage (ARM) or interest only mortgage is subject to increase over the course of the loan.  Borrowers can avoid payment shock by fully understanding how their mortgage payment can change in the future.  Use our Mortgage Selector Calculator to determine how your monthly payment, loan amount and mortgage rate change depending on the mortgage program. 


Shop Different Types of Lenders

One of the best ways to make sure that you select the mortgage that best meets your needs is to contact different types of lenders.  Large national banks, regional and local banks, mortgage banks, mortgage brokers and credit unions all offer something different when you shop for a mortgage.  Each lender has strengths and weaknesses so comparing quotes from different lenders can expand your financing options.  For example, a mortgage broker may have access to loan programs that are not offered by a national bank while a credit union may offer attractive terms.  In short, when it comes to mortgage selection, the more lenders and different types of lenders you compare, the better.   

More FREEandCLEAR Mortgage Resources

Mortgage Guides

What Mortgage Program is Right for Me?

Review the pros and cons of fixed rate, adjustable rate and interest only mortgages to determine the mortgage program that is right for you


How to Compare Mortgage Proposals

Review our step-by-step explanation of how to compare mortgage proposals including how to contact lenders and the key mortgage terms you should compare


Mortgage Rates

Compare mortgage rates and fees from top lenders near you.  Comparing proposals from multiple lenders is the best way to find the mortgage that is right for you

Ask a Mortgage Expert

Ask a Mortgage Expert

Got mortgage questions? We love answering them. Submit your mortgage questions and receive an informative response within 24 hours


Comparison of No and Low Down Payment Mortgage Programs

Compare over 20 low down payment programs include eligibility guidelines, qualification requirements and other important program features


Mortgage Program Options: http://myhome.freddiemac.com/buy/find-loan.html

About the calculator developer

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

Harry Jensen LinkedInLinkedIn | Email Harry JensenEmail

Get Free Personalized Mortgage Quotes

First Name:
Last Name:
Phone Number:

My Mortgage Info

Mortgage Type
Credit Score
Loan Amount
Property Value
FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!